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JV Acquires Value-Add Apartments in KC’s Northland Submarket
A joint venture of L5 Investments, Odyssey Properties Group and BH Equities acquired the Crossing at Barry Road Apartments, a value-add apartment community in Kansas City, MO. The JV acquired the 624-unit property from a GolldOller Real Estate Investments partnership for an undisclosed sum.
“Our partnership plans to immediately begin a three-year, $13.8-million renovation plan on this extremely well-located apartment community,” said L5 founder Michael Flaherty. “We will upgrade unit interiors as they become available, address deferred maintenance issues and improve community amenities and overall aesthetics.”
CBRE’s Jeff Stingley, Max Helgeson and Michael Spero represented the GoldOller partnership. “The Northland submarket is especially attractive for multifamily investment due to its phenomenal population growth, award-winning schools, and proximity to employers and amenities,” said Stingley.
Built in 1997, the garden-style apartment asset is situated on 40.9 acres and includes 54 three-story buildings.
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